On September 24th, the People’s Bank of China conducted 401.5 billion yuan of 7-day reverse repurchase operations at a rate of 1.40%, unchanged from before. With 418.5 billion yuan of reverse repos maturing on the same day, the net inflow into the open market was 17 billion yuan.
The Shanghai Interbank Offered Rate (Shibor) for short-term instruments saw a general increase, with the 7-day rate leading the uptrend. Overnight Shibor rose by 2.10 basis points to 1.4340%, the 7-day Shibor increased by 12.80 basis points to 1.5900%, and the 14-day Shibor went up by 8.90 basis points to 1.6560%.
As for the Shanghai Interbank Offered Rate (September 24th):
Source: National Interbank Funding Center
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